In a notable recent development, former Prime Minister Rishi Sunak has secured a position with Goldman Sachs as a senior advisor. This appointment comes shortly after Sunak’s resignation from his role as Prime Minister in July 2024, marking a significant transition in his career. While working part-time with the investment bank, he will offer valuable advisory services to the firm’s clients, drawing on his unique insights and perspectives on global economic dynamics and political landscapes.
Sunak, who has maintained his position as the Conservative Member of Parliament for Richmond and Northallerton in Yorkshire, carries a wealth of experience acquired both in public service and the financial sector. Before stepping into his political career, he gained practical experience at Goldman Sachs, serving as an analyst in the early 2000s. The move back to the financial institution he once worked for reflects both a professional full-circle moment and a renewed commitment to engaging with economic matters.
Goldman Sachs’ chairman and CEO, David Solomon, expressed enthusiasm regarding Sunak’s return, citing the unique expertise he brings to the organization. In addition to advising clients, Sunak is expected to engage with Goldman Sachs employees worldwide, adding to the firm’s culture of continuous learning and professional development. This dual role combines advisory responsibilities with mentoring, showcasing Sunak’s commitment to both client service and personal interaction within the firm.
In an interesting twist, Sunak has pledged to donate his salary from Goldman Sachs to The Richmond Project. This charitable initiative, founded earlier this year with his wife, Akshata Murty, aims to enhance numeracy skills across the UK, highlighting Sunak’s enduring commitment to social causes even as he transitions from official governmental duties.
To ensure compliance with ethical standards, the Advisory Committee on Business Appointments (Acoba) has stipulated certain restrictions on Sunak’s new advisory role. Due to the sensitive nature of his previous position, he will not be permitted to engage with other governments or their sovereign wealth funds in his capacity at Goldman Sachs. Additionally, the former Prime Minister cannot advise clients he had direct dealings with during his tenure in office, nor can he lobby the UK government on behalf of the bank. Such regulations are crucial to mitigate any potential conflicts of interest and maintain public confidence in governmental transitions to the private sector.
Reflecting on his background, Sunak brings significant qualifications to his latest role. He spent fourteen years in the financial services sector prior to becoming a Member of Parliament, with a substantial portion of that time spent at Goldman Sachs. His journey began as an intern at the bank in 2000 and evolved into an analyst role from 2001 to 2004. Following this, he co-founded an international investment firm, further diversifying his experience in finance.
Elected to Parliament in 2015, Sunak gained widespread recognition during the COVID-19 pandemic for his role as Chancellor of the Exchequer, especially with the implementation of the furlough scheme during critical press conferences. His political career faced significant challenges, leading to his resignation as Chancellor in July 2022 amid the turbulence surrounding Boris Johnson’s administration. After a brief leadership transition following Liz Truss, Sunak became Prime Minister in October 2022, eventually concluding his term in July 2024 after leading the Conservatives through an unprecedented electoral defeat.
Beyond his engagement with Goldman Sachs, Sunak has taken on roles at academic institutions, including the Blavatnik School of Government at the University of Oxford and the Hoover Institution at Stanford University, positions that he does not receive remuneration for. However, since stepping down as Prime Minister, he has reportedly earned over £500,000 from public speaking engagements, which is a common route for former prime ministers.
Sunak’s return to Goldman Sachs as a senior advisor represents a strategic move that positions him at the intersection of global finance and political insight, leveraging his extensive background and experience as he forges a new path in the private sector.
